NEW YORK, November 15, 2022 /PRNewswire/ — Polaris Market Research Recently Released [115+ Pages] research report on “Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Security, PAM); By Industry (Process Industry, Discrete Industry); by region; segment forecast, 2022-2030″ in its research database.

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According to the research study, the world Smart Factory Market Size and Share was rated at $79.41 billion in 2021 and is should reach more $191.02 billion by 2030increasing to one CAGR of 10.46% during the forecast period.

What is the Smart Factory? What is the expected growth in the size and share of the smart manufacturing market?

A smart factory is an advanced factory that uses advanced technologies such as artificial intelligence (AI), machine learning, and connected devices to continuously collect data and share it in real time. The data can then be used by the business to manage problems, improve production processes and respond to new demands. Smart factories are part of Industry 4.0, or the fourth industrial revolution, which is driven by digital transformation and automation.

Other technologies incorporated by the smart factory include cloud connectivity, big data, Industrial Internet of Things (IIoT), Virtual Reality (VR) and Augmented Reality (AR), and many more. These factories provide benefits such as faster problem resolution, better safety and quality control, on-time delivery, and seamless data exchange. The size of the smart factory market is determined by factors such as the emphasis on energy efficiency, resource optimization, and cost reduction of production operations.

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Our free sample report includes

  • Report overview, overview and in-depth analysis of the industry

  • Breakdown Data by Regions, Type, Players and Applications

  • Competitive landscape and market shares of major competitors

  • Research report of more than 110 pages

  • Offers chapter-by-chapter instructions upon request

  • Includes market presence in different geographies with share, size and trends

  • Updated list of tables and figures

  • The report covers major players with their business strategies

  • Evidence-based research factors and methodology

Growth factors

The increasing development and adoption of Industry 4.0 is mainly fueling the growth of the market. Ever-increasing automation and software-based process are propelling the demand for smart factory industry. Rapid technological developments, growth of industrial robots and RFID in the manufacturing sector are the factors that are creating numerous opportunities in the smart factory market. Various benefits offered by smart factories such as enhanced data insights, faster problem solving, better safety and quality control, etc. are expected to drive the market expansion during the planned period.

Additionally, increasing integration of technologies including Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI) and others is likely to positively influence the sales in the market. smart factories. Augmented reality (AR) is another technology used by the smart factory that increases production activity and improves production procedures on the floor, thereby accelerating the growth of the industry. Also, an increase in the adoption of smart manufacturing by companies or manufacturers is expected to support the market development.

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RECENT DEVELOPMENTS

In March 2022Emerson Electric Company launched MT Connect for Movicon.NExT 4.1.33 industrial control platform, which has the potential to improve efficiency, reduce downtime and increase productivity.

Some of the Major Market Players Operating in the Global Market are:

  • ABB Group (ASEA BROWN BOVERI)

  • Cisco Systems Inc.

  • Emerson Electric Company

  • Fanuc

  • General electricity company

  • Honda

  • Honeywell International Inc.

  • IBM Corporation

  • Johnson Controls International PLC

  • Mitsubishi Electric

  • Omron

  • Oracle Corporation

  • Robert Bosch GmbH

  • Rockwell Automation Inc.

  • SAP SE

  • Schneider Electric SE

  • Siemens AG

  • Suzuki

  • Toyota

  • Wipro Limited

  • Yokogawa Electric Corporation

For an additional list of players and detailed information, Download a PDF report brochure

Segmental analysis

On the basis of components, industrial sensors accounted for the largest smart factory market share in 2021 owing to various benefits they offer such as increased sensitivity during data capture, nearly zero-speed data transmission loss and endless real-time analysis. Other industrial 3D printing components are expected to grow at the fastest rate during the forecast period, which can be attributed to the increasing adoption in sectors such as automotive, aerospace and defense, food and beverages, semiconductors and electronics.

Based on the solution smart factory market segmentations, PAM segment dominated the market in 2021 and is expected to maintain its dominance throughout the forecast period. Manufacturing organizations use PAM systems to maximize their competitiveness because they improve timely information gathering and decision making. Other factors supporting the growth of the segment are reduction in unplanned downtimes, better utilization of assets, lower operating costs and increased returns on investment.

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Smart Factory Market: Report Scope

Report attribute

Details

Revenue forecasts in 2030

$191.02 billion

Market size value in 2022

$86.18 billion

Expected CAGR Growth

10.46% from 2022 to 2030

Year of reference

2021

forecast year

2022 – 2030

Main market players

ABB Group (ASEA BROWN BOVERI), Cisco Systems, Inc., Emerson Electric Company, Fanuc, General Electric Company, Honda, Honeywell International, Inc., IBM Corporation, Johnson Controls International PLC, Mitsubishi Electric, Omron, Oracle Corporation, Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, Suzuki, Toyota, Wipro Limited and Yokogawa Electric Corporation

Segments Covered

By component, by solution, by industry, by region

Personalization options

Custom purchasing options are available to meet all research needs. Explore personalized purchasing options

Geographic overview

Based on geography, Asia Pacific has witnessed the largest share as the market grows in developing countries like China and India. Indeed, these countries are taking initiatives to fully automate smart manufacturing. In addition, increasing investment by these countries in Industry 4.0 to increase manufacturing and production is expected to further increase the growth of the regional market.

Otherwise, North America is expected to show the fastest growth throughout the forecast period. This growth can be attributed to the increase in government initiatives for the development of IoT technology, coupled with the growing focus on improving manufacturing output in countries like the United States and Canada.

Browse the detailed report “Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Security, PAM); By Industry (Process Industry, Discrete Industry); by region; segment forecast, 2022-2030″ with an in-depth table of contents: https://www.polarismarketresearch.com/industry-analysis/smart-factory-market

For additional information OR a media request, please email: [email protected]

Polaris Market Research has segmented the Smart Factory market report on the basis of component, solution, industry, and region:

By Outlook component

  • Industrial sensor

  • Industrial robots

  • Industrial 3D printing

  • Industrial vision

By Outlook solution

  • SCADA

  • SEM

  • Industrial Security

  • WFP

By Industry Insights

  • Process industry

  • Discreet industry

Outlook by region

  • North America (WE, Canada)

  • Europe (France, GermanyUK, Italy, Netherlands, Spain, Russia)

  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)

  • Latin America (Brazil, Mexico, Argentina)

  • Middle East & Africa (Saudi ArabiaWATER, Israel, South Africa)

Browse more related reports:

About Polaris Market Research

Polaris Market Research is a global market research and consulting firm. The company specializes in providing exceptional business intelligence and in-depth business research services for PMR’s clientele spread across different businesses. At Polaris, we are obligated to serve PMR’s diverse customer base that spans the healthcare, technology, semiconductor, and chemical industries among various other industries that span the globe. We strive to provide PMR clients with up-to-date information on innovative technologies, high-growth markets, emerging business environments and the latest business-centric applications, helping them to always make informed decisions and take advantage of new opportunities. Adept of a highly skilled, experienced and highly qualified team of experts comprised of SMEs, analysts and consultants, we at Polaris strive to provide value-added business solutions to PMR customers.

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